Don't overinterpret the U.S. stockbrokerage firms' decision to offboard mainland Chinese users this time. Earlier this year, right after Trump left, they already started requiring offboarding. It's pretty clear no agreements were reached—U.S.-China financial decoupling is speeding up. Soon, the U.S. will likely also offboard Chinese individuals who opened U.S. bank accounts with tourist visas. Financial decoupling is a two-way street. In the future, there will be very little interaction between U.S. and Chinese private funds.